FUEL PRICE BRIEF
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Jessica Brady, manager, AAA Public Relations,
PRICE OF OIL INCREASES AND PUSHES NATIONAL AVERAGE TO $3.94 A GALLON
TAMPA, Fla. (May 1, 2011)—The price of crude oil increased slightly last week to settle Friday at $113.93 a barrel on the New York Mercantile Exchange—$1.64 more than last week. After a relatively stable week, oil prices made minimal gains when Federal Reserve Chairman Ben Bernanke said the central bank will keep record-low interest rates, which reduced the value of the dollar against foreign currencies and pushed oil prices higher.
Seven refineries were forced to shut down in Texas, Alabama, and Pennsylvania last week as a result of severe weather and power outages. Although the refineries are expected to be up and running early this week, the shut down cut production by approximately one million barrels a day. The seven refineries mostly ship to the Southeast, Midwest, and Gulf Coast states.
In addition, U.S. gasoline stockpiles decreased by approximately 2.5 million barrels last week, signaling a possible increase in fuel demand before the summer driving season, which runs from Memorial Day to Labor Day.
“Oil and gas prices are expected to increase again this week if the value of the dollar remains at a reduced value against other currencies such as the euro and the pound,” said Jessica Brady, spokesperson, AAA Auto Club South. “Consumers in the Southeast will see a 6- to 9-cent jump in pump prices at the start of the week as a result of the refinery shutdowns in Texas and Alabama. The national average price for regular retail gasoline is now 6 cents shy of $4 a gallon, a price that could be reached later this week.”
The national average price of unleaded regular gasoline is $3.94, 8 cents more than last week. Florida’s average price is $3.88 per gallon, 6 cents more than last week. While Georgia’s average price of $3.82 and Tennessee’s average price of $3.75 both increased 9 cents from last week, respectively.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Current Week Ago Month Ago Year Ago
National: $3.943 $3.860 $3.619 $2.885
Florida: $3.887 $3.829 $3.635 $2.892
Georgia: $3.824 $3.732 $3.502 $2.785
Tennessee: $3.753 $3.669 $3.484 $2.757
AAA’s Daily Fuel Gauge Report is updated each day and reflects actual prices from credit card transactions within the past 24 hours at two-thirds (100,000) gasoline stations in the U.S. Its accuracy is unparalleled.
Next Fuel Price Brief: Sunday, May 7, 2011
AAA Auto Club South, 1515 N West Shore Blvd, Tampa, FL 33607-4505 United States